Dear All,
If a person received 81 Lacks After TDS Deducted Rs. 9 Lacks @ 10℅ of 90 Lacks Of Agriculture land acquisition by National Highway.
Than what is the scene of Income Tax on that.
Pls Reply.
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Income Tax on acquisition of Agriculture Land
Replies (3)
If the land is aquired under RFCTLARR ACT , it is tax exempt.
If under old act, mostly it will be taxexempt, as per attached circular.
So, the amount deducted can be received back as refund, when IT return filed for the corresponding year.
Income tax on Capital gain arising from transfer of Capital asset being agricultural land in case of compulsory acquisution is also exempt u/s 10(37) Subject to certain condition of the section. Such as:
Agricultural work must be carried on that land since last 2 years etc.
Agricultural work must be carried on that land since last 2 years etc.
Thank you both of you.
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